Do you have the optimal work experience strategy in place to get the most from your B2B millennial employees?
Millennials will make up the largest percentage of the global workforce by 2025, and figures show that in Australia alone, the cohort will comprise almost 75% of the workforce (Haworth). This means that for B2B businesses, who will have greater numbers of millennials as employees and as clients, now is the time to consider how to tailor your workflows and processes to meet the needs, strengths, and expectations of this generation.
- 'Millennials' is the name given to the cohort born between 1980 and 2000.1
- By 2025, 3 out of every 4 workers globally will be millennials. (Time)2
- It costs an average of $24,000 to replace each millennial employee. (Microsoft/Experience Inc)3
- 89% of millennials would prefer to choose when and where they work rather than being placed in a 9-to-5 position. (Odesk)4
As the first generation to grow up in the digital world, millennials enjoy using technology to enhance almost every aspect of daily life – from using data-driven metrics to improve their health and sleep, to monitoring how their historical running times are trending, or scrolling through social media and seeing prescriptive AI-driven product suggestions. With technology as the driver, millennials are on a constant quest for improvement, collaboration, and learning.
Most millennials value a work/life balance and approach their professional roles with adaptability, flexibility and transparency, seeking to create highly streamlined and efficient processes. According to Haworth’s Raising the Bar report, ‘they want to work smarter and their familiarity with digital technology influences how they work and interact and achieve their goals’.
Empowering Millennials – and Your Profits – with the Right Technology
For millennials who hold the pricing and selling roles which are critical to a business’s top- and bottom-line success, having the right tools in place is crucial in sustaining their interest and retaining these employees. They do not want to be operating with outdated, manual processes that make it difficult to perform without having any visibility into what they can be doing better.
Using PROS end-to-end pricing and selling solutions, powered by AI, can empower your millennial workforce to operate more strategically and efficiently, as well as power digital commerce for your customers (the majority of whom will be millennials in the near future). There are a couple of components that are a must for companies looking to optimise the experience for their employees and customers. These include:
- Moving to dynamic pricing with a ‘just in time’ methodology to power different channels such as direct, resellers and ecommerce. Why? The world is becoming more and more conditioned to price fluctuations based on availability, competitor movements, raw material costs and fluctuating exchange rates. Dynamic pricing improves agility and allows businesses to move away from tediously managing thousands of permutations of price points (which, as well as being time-consuming, leaves too much room for error).
Case Study: PROS Science-Based Pricing Guidance
A major distributor of industrial metalworking supplies struggled to find the optimal prices for its catalogue of more than a million products. Given that the company serves thousands of customers, even the smallest margins left on the table from every deal translated to millions of dollars in unrealised profit. The distributor’s process for setting catalogue prices was time-consuming, error-prone and didn’t allow for team collaboration.
The PROS solution automated and streamlined the price-setting process for more than half a million items in the distributor’s product catalogue. Armed with PROS science-based pricing guidance, the distributor’s product managers can now set appropriate prices and then preview those prices to check for errors and eliminate margin loss. One-size-fits-all pricing and blanket discounting are things of the past, with PROS best-in-class algorithms automatically optimising prices. With PROS, the distributor generated $4 million above target revenue and anticipates an annual gross profit lift of $18 million. In addition, quote turnaround time was reduced, sales force confidence boosted and sales compensation better aligned with pricing goals.
- Prescriptive, AI-driven guided selling for your sales team. Drive millions in incremental revenue with minimal effort from your sales team with AI-driven detections among different customers, such as purchasing gaps, declining purchasing patterns and sales growth opportunities. Enable your ecommerce, self-serve channel to free up your sales team’s time so they can focus on growing business rather than answering emails and calls.
Case Study: PROS Smart CPQ
The world’s third-largest manufacturer of power generating units, SDMO, implemented PROS Smart CPQ centralised selling solution, enabling its global sales team to create quotes in minutes and easily convert them to orders. Manufacturing data for each configured order is dynamically generated and loaded with the order into the ERP system.
By providing accurate product information and applying precise sales and engineering rules when an order is received, Smart CPQ eliminates errors and streamlines the entire process. It has improved the company’s ability to respond to requests, provide customers with the right product at the right time, and has reduced the overall cost of sales. Since implementing the solution, SDMO has also achieved greater consistency and productivity across the sales network, enhanced communication and a better trained salesforce.
PROS solutions will not only improve your bottom and top lines through a dynamic AI platform powering digital commerce, but will also play to the strengths, talents and expectations of your millennial workforce. How is your business ensuring your millennial workforce – and customers – have the tools that they need to succeed?
About the AuthorMore Content by Haley Glasgow